Reuters Quotes Scott Michel: U.S., Liechtenstein Bank Reach Settlement in Tax Evasion Case

Reuters quoted Scott D. Michel regarding a $23.8 million settlement reached between the U.S. and Liechtenstein's oldest bank, Liechtensteinische Landesbank AG. The settlement halts any criminal prosecution of the bank, which admitted to assisting U.S. clients evade taxes. For the complete article, please visit the Reuters website.

Excerpt taken from the article.

Liechtenstein financial advisers are starting to send U.S. authorities names and account information of U.S. clients, said Scott Michel, a lawyer with clients trying to resolve tax issues with U.S. authorities.

For U.S. taxpayers who have not voluntarily disclosed offshore assets to the IRS, "time is truly running out," Michel said.